Legislature gathers over hefty laws

Chairwoman Nguyen Thi Kim Ngan addresses the National Assembly

At the opening ceremony of the session, National Assembly Chairwoman Nguyen Thi Kim Ngan stated that the National Assembly is very important in institutionalising the Constitution, implementing regulations on the market economy, and boosting the economic restructuring process.

During the 22-day session, the legislature will consider and raitfy 13 laws and five draft resolutions and provide comments for another five drafts (see box).

“These laws and resolutions are very important and they have drawn great attention from the public,” Ngan said.

During the session, the National Assembly will also review, debate, and give opinions on a number of reports regarding the socioeconomic situation of 2016 and set objectives for 2017. In addition, the NA will evaluate the implementation of the 2016 national budget and make proposals for 2017.

The National Assembly ready to discuss laws and regulations essential for Vietnam's economic development

Ngan stated that the local economy has been witnessing positive developments, such as the improving investment and business climates, rising living standards, as well as the elevating global position and prestige of the country.

The government reported to the legislature that the economy grew by 5.1 per cent in this year’s first three months—the lowest first-quarter growth rate in the last few years.

However, Deputy Prime Minister Truong Hoa Binh, who dictated the government’s report on Vietnam’s economic situation in this year’s first four months and the whole of 2017, stated that the government would have to make great efforts to reach the growth target of about 6.7 per cent earlier set by the National Assembly.

“Enterprises’ production and confidence are on the rise,” Binh said.

The General Statistics Office reported that last year, that a record number of more than 110,000 enterprises were newly established, with a total registered capital sum of over VND891 trillion ($40.5 billion). This is far higher than 2015’s 94,754 newly-registered enterprises and VND601.5 trillion ($27.34 billion). In addition, 27,000 enterprises resumed operations, another encouraging figure.

During this year’s first four months, Vietnam saw nearly 40,000 newly-established enterprises registered at $16.82 billion, up 14 and 49 per cent, respectively. The economy’s total newly-registered and newly-added capital was $37.5 billion.

The crucial issues in front of the National Assembly are the status of the private sector and next year's economic growth

Spain-based FocusEconomics, which provides in-depth economic analysis globally, told VIR that with a strong start to 2017, the Vietnamese economy is poised to accelerate this year after last year’s slowdown.

FocusEconomics panellists forecast that the economy will grow by 6.4 per cent in 2017 and 2018.

“The outlook for the Vietnamese economy is bright: the on-going surge in manufacturing is fuelling household incomes and promises a sustained trade surplus. This should protect the economy from the headwinds of a weakening dong as rates in the US continue to climb,” said the FocusEconomics report.

The panellists see fixed investment rising by 8.3 per cent in 2017, and 8 per cent in 2018.

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